 |
| Pakistan : How useful is the money coming from Roshan Digital Accounts for Pakistan's economy? |
The Roshan Digital Accounts Scheme introduced by the PTI government in Pakistan has so far attracted more than 67 670 million from overseas Pakistanis and more than 100,000 Roshan Digital Accounts so far under this scheme. Have been opened.
Prime Minister Imran Khan inaugurated the scheme in September last year, announcing incentives to bring in Pakistani capital from abroad.
Muhammad Arif, who works in the technical field at a company in Abu Dhabi, United Arab Emirates, opened his account after launching the Roshan Digital Accounts scheme in Pakistan.
Arif said that the reason for opening this account is the incentives given in it and the facility of investment through it, through which investments can be made in the stock market and other sectors in Pakistan.
However, Qasim Raza, who is associated with Safety Supervision at a restaurant in Norway, says that after the launch of the Roshan Digital Account Scheme, he tried to open the account online, but with the necessary conditions and procedures. The cars were so difficult that he later gave up his intention to open this account.
Qasim said that he sat in one or two or three Pakistani banks in Norway and tried to get the account online, but the terms and requirements of each bank were different.
On the one hand, bright digital accounts are being opened or tried by Pakistanis abroad, on the other hand, there is a lack of awareness about these accounts.
Alam Zeb, who works in Saudi Arabia, and Ishtiaq Lodhi, who lives in the UK, were unaware of this when asked about opening Roshan Digital Accounts.
Dr. Naeem Awan, who works in Saudi Arabia, is aware of Roshan Digital Accounts, but he has not opened one yet.
Similarly, according to media reports, Pakistanis living in the United States have expressed interest in Roshan Digital Accounts, but many of them have not yet made a decision.
According to a report in an English daily, Pakistanis living in the United States demanded that the government spread more information about the scheme.
Since the launch of the scheme, financial experts have hailed the opening of 100,000 accounts as a good development, but they say the number is still much lower than that of Pakistanis abroad and as awareness grows, The number of openings will increase.
However, he also expressed the possibility that if the flow of capital through these accounts remained the same, about ارب 1 billion could reach Pakistan by the end of the current financial year.
According to Pakistan's Ministry of Overseas and Human Development, more than 8.5 million Pakistanis live in various parts of the world for employment and education.
More than 67 670 million sent by these overseas Pakistanis through Roshan Digital Accounts has been sent at a time when remittances from them have reached the highest level in the country's history. With more than ارب 2 billion a month, it has surpassed 18 18 billion in the first eight months of this fiscal year and could reach a record high of 28 28 billion by the end of this fiscal year.
What is Roshan Digital Accounts Scheme ?
According to the State Bank of Pakistan, the Roshan Digital Account Scheme is for Non-Resident Pakistanis (NRPs). Through this account, NRPs will be fully connected to Pakistan's banking and payment system.
For the first time in the history of the country, overseas Pakistanis will be able to open an account without the need to be present in Pakistan or at any embassy or consulate and through this account they will have access to banking services and attractive investment opportunities in the country. Will
These opportunities include the 'New Pakistan Certificates' introduced by the government, as well as the stock market and real estate. Funds for these accounts will be fully transferable and can be repatriated from Pakistan without any prior approval from the SBP.
SBP spokesperson Abid Qamar said, “The bank accounts opened under this scheme have two purposes: one is to spend the money coming into these accounts as you have to pay the bills etc. and its The second purpose of the investment may be to invest the money in these accounts, including investing in government securities through the 'New Pakistan Certificates', as well as investing in the stock market and real estate.
What are the benefits of Roshan Digital Accounts Scheme ?
Iqra Nadeem, a research analyst at Darson Securities, said: "Through this scheme, Pakistanis abroad have got an account through which they can invest in Pakistan which was not available to them before."
He said that earlier SCRA account facility was available but more benefits have been offered in this bright digital account. At the top of the list is that Pakistanis living abroad can now open an account online in any Pakistani bank from abroad, whereas before they had to come to Pakistan and open this account.
"It has become very easy to open bank accounts under this scheme and other benefits offered under this scheme are also attracting Pakistanis abroad."
Iqra said, “Only one fixed tax has to be paid on investment in New Pakistan certificates. In addition, these accounts have all the options of dollar, rupee, Islamic banking and traditional banking. In addition, you can deposit money in these accounts whenever you want and withdraw it whenever you want, there will be no questioning.
Why are bright digital accounts attracting investment ?
SBP spokesperson Abid Qamar said that behind the money coming in Roshan Digital Accounts are some of the reasons behind which there are easy investment opportunities through these accounts.
"It allows you to invest in Pakistan from abroad. Similarly, 'New Pakistan Certificates' has an attractive return on investment which has attracted investors.
"Similarly, through these accounts, Pakistanis abroad are also getting an opportunity to invest in investment products that are in line with Islamic law, which is why more investment is coming here," he said.
Arif Habib, owner of Arif Habib Limited, an investment banking and stock securities company in Pakistan, said bright digital accounts have become an attractive source of investment and are attracting more money from Pakistanis abroad.
"So far, more money has come through these accounts in 'New Pakistan Certificates' in which interest rates are attracting investors."
How much capital did Pakistan Stock Market attract ?
Farrukh H Khan, chief executive officer of the Pakistan Stock Exchange, said, "So far, only Rs 1 billion has come to the stock market in Pakistan through Roshan Digital Accounts."
He termed the amount coming into the stock market as less than the total amount coming into the country through these accounts.
He said that under this scheme, Pakistanis abroad have got an opportunity to contribute to the national economy and reap their benefits along with its improvement.
Farrukh Khan said, “The reason for the high investment in New Pakistan Certificates is the fixed rate of return there. The stock market is a different source of investment, there are both advantages and disadvantages.
However, he said that the stock market is considered to be the best source of long-term investment in the world.
He hopes that in the coming days, the money coming through Roshan Digital Accounts will also reach the stock market.
Arif Habib also expressed the possibility that Pakistanis abroad would also be attracted to the stock market.
"The stock market has a track record of giving good returns to investors and Pakistanis abroad will also invest in it to make good profits."
Bright Digital Wall accounts from a so useful for investors and the economy ?
Iqra Nadeem says the influx of capital has boosted the country's foreign exchange reserves, which will help maintain a balance between the dollar and the rupee.
"The biggest benefit of the money coming through these accounts is that these dollars are not coming into the country in the form of loans that we have to repay," he said. These dollars are the assets of the country that are coming to Pakistan without conditions.
It is to be noted that Pakistan is facing an imbalance in foreign payments and needs dollars for imports with the repayment of foreign loans which is a major problem from time to time due to the country's declining exports and foreign investment. Becomes
About bright digital accounts come what steps are being taken to alter ?
Regarding the lack of awareness of Roshan Digital Accounts among Pakistanis abroad and the difficulties in opening them, a spokesperson of the State Bank of Pakistan said, A campaign is also being launched.
"It has been advertised in more than 50 countries so far," he said. He said more work would be done in North America, Europe and the Middle East to raise awareness about the scheme.
Commenting on the difficulties faced in opening these accounts, the spokesperson said, "Although these are forms of various banks, efforts have been made to standardize them."
Talking about the documents required for opening an account, the spokesperson said that an effort has been made to require all banks to provide the same documents.
"Every bank has a helpline to deal with complaints from Pakistanis abroad about these accounts and an email can be sent to the SBP in this regard," he said.
"Opening 100,000 accounts in six months and bringing in 67 670 million through them is a good development that is likely to improve in the future," the spokesman said
0 Comments